Walker Crips buys wealth manager BPAM in £4.2m deal

The deal will see Walker Crips assets under management grow 12.6 per cent to £2bn, while assets under management and administration will rise to £3.5bn.

Walker Crips said BPAM fits well within its expansion strategy, which saw the group offload its fund management business in April 2012.

As of February 28, BPAM’s assets under management were £229m, of which £192m was discretionary-managed.

Walker Crips is taking on a team of five advisers led by managing director, Geoff Wright, and the founder of BPAM Pat Barker, who will continue as chairman.

In addition to boosting its team with experienced discretionary investment managers, Walker Crips said the deal will also bring “significant” cost savings between the two businesses.

Rodney FitzGerald, chief executive of Walker Crips Group, said the acquisition is an important step in the firm’s “continuing quest for growth”.

“BPAM’s business is a complementary bolt-on to our existing offering which, with the combination of our similar investment styles and culture, will facilitate a seamless enhancement for BPAM’s clients,” he said.

BPAM senior member Mr Barker added: “Walker Crips’ long-term heritage and financial stability will allow us to continue to do what we do best, namely managing clients’ money on a discretionary basis and providing our usual high levels of advice and service to clients.”

Walker Crips has now more than trebled its assets under management and administration from £1.4bn three years ago to £3.5bn after the acquisition.

It has also increased its presence in London and expanded its regional operations as it moves towards a medium-term target of £5bn assets under management and administration.

The firm currently has 13 offices, including one in York, and recently opened a location in Truro with five former Charles Stanley investment managers.